New York - February 8-9, 2012 2012 PLUS D&O Symposium Financial Institutions Underwriting: Is It Safe to Come Out Now?

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Presentation transcript:

New York - February 8-9, PLUS D&O Symposium Financial Institutions Underwriting: Is It Safe to Come Out Now?

Panel MODERATOR: Kevin LaCroix, RPLU, Executive Vice President, OakBridge Insurance Services PANELISTS: Timothy Braun, Executive Vice President, AXIS Insurance Company Jennifer Fahey, EVP, Chief Broking Officer, AON Financial Services Daniel Gamble, Managing Director, Alterra Steven Goldman, Senior Vice President, ACE USA – Professional Risk

Subprime and Credit Crisis Securities Class Action Lawsuit Settlements Wachovia Bondholders: $627 million Countrywide Shareholders: $625 million Merrill Lynch: $475 million Lehman Brothers/Offering Underwriters: $417 million Charles Schwab: $235 million Washington Mutual: $208.5 million National City Corporation: $168 million

Subprime and Credit Crisis-Related Lawsuit Settlements (as of Jan. 20, 2012) 40 Settlement Total Aggregate Settlements: $4.432 billion Average Settlement Amount: $110 million Avg. Settlement (excluding top three): $74.7 million

Number of Failed Banks: : : : : 92 TOTAL: 414

FDIC Failed Bank Lawsuits (as of Jan. 20, 2012) FDIC Failed Bank Lawsuits Initiated – 19 Actions – 18 Institutions – 161 Former Directors and Officers FDIC Failed Bank Lawsuits Authorized (inclusive of actions filed to date) – 44 Institutions – 391 Individuals – $7.68 billion in claimed damages

QUESTIONS? Please send your questions for this panel to: